Aspire Technology Solutions, a leading tech firm in Gateshead, has reported a significant rise in revenues, now nearing £40m. This impressive growth was largely driven by organic expansion, despite a notable first acquisition last year. The firm has also seen a notable increase in its operating profit and headcount.
- The North East Company of the Year has achieved a remarkable revenue milestone, with recent figures showing a rise to £39.6m.
- Operating profit soared to £3.5m, while staff numbers have grown to accommodate increased business demands.
- Aspire’s acquisition of Cloud Cover IT has enabled further growth, particularly in cyber security, bolstered by a strong customer base.
- A strategic focus on the Scottish market and substantial equity investment have supported Aspire’s successful expansion.
Aspire Technology Solutions, based in Gateshead, has disclosed significant financial outcomes for the fiscal year ending February 29, reporting revenues of £39.6 million. This nearly 25% increase from the prior cycle demonstrates robust growth facilitated by the company’s strategic initiatives.
Operating profit has seen a substantial rise, now standing at £3.5 million. Aspire’s headcount also increased to 250 by the fiscal year-end, expanding further to surpass 280 as demand for their services continues to escalate. This expansion is pivotal for Aspire’s commitment to providing exceptional customer value.
Aspire’s growth trajectory is primarily attributed to its organic expansion, while its acquisition of Cloud Cover IT Services stands as a critical milestone in the company’s history. This acquisition has notably enhanced Aspire’s service offerings, particularly in the realm of cyber security—a sector in which the company has experienced consecutive years of robust growth.
The firm boasts a diversified customer base, stretching across various sectors, including transport, professional services, finance, and public sectors, thus underpinning its extensive growth. Chris Fraser, CEO of Aspire Technology Solutions, emphasized the importance of innovation and customer-centric strategies, stating,
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The firm, with a strategic emphasis on expanding in the Scottish market, has benefited from a minority investment by private equity firm LDC, valued at £85 million. This financial backing has bolstered Aspire’s ability to meet evolving customer demands, particularly in cyber security and modern workplace solutions, emphasized by Chris Fraser’s confidence in the strategy for the upcoming financial year.
Aspire Technology Solutions remains poised for continued growth and success, driven by strategic initiatives and a steadfast commitment to innovation.
